地方政策积极支持公募REITs产品发行，消费REITs表现持续优异——行业周报

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that local policies are actively supporting the issuance of public REITs products, with consumer REITs showing sustained excellent performance. The market is expected to continue benefiting from the "asset shortage" logic under the downward pressure of bond market interest rates, making REITs a high-dividend, low-to-medium risk asset with improved cost-effectiveness for allocation [3][5][6]. Market Overview - As of the 20th week of 2025, the CSI REITs (closing) index stood at 858.96, up 7.51% year-on-year and 1.24% month-on-month. The CSI REITs total return index reached 1076.78, reflecting a year-on-year increase of 14.3% and a month-on-month increase of 1.39% [5][19]. - The trading volume of the REITs market reached 562 million shares, a year-on-year increase of 24.34%, while the transaction amount was 2.442 billion yuan, up 30.17% year-on-year. The turnover rate for the period was 2.92%, down 20% year-on-year [26][31]. Sector Performance - In the 20th week of 2025, the weekly and monthly performance of various REITs sectors was as follows: - Affordable housing: +2.27% weekly, +3.25% monthly - Environmental: -0.32% weekly, -1.00% monthly - Highways: +0.63% weekly, -0.23% monthly - Industrial parks: +2.24% weekly, -4.36% monthly - Warehousing and logistics: +2.65% weekly, +3.35% monthly - Energy: -0.42% weekly, -3.17% monthly - Consumer: +4.34% weekly, +5.37% monthly [37][54]. Primary Tracking - There are currently 15 REITs funds awaiting listing, indicating a sustained active issuance market. Recent applications include the CCB Jinshi Electronic City Industrial Park REIT and the Huaxia Kaide Commercial REIT [6][12].